The Federal Reserve Board has revised Regulation M, which
implements the Consumer Leasing Act. The revisions took effect
on April 1, 1997; however, compliance is optional until October
1, 1997. Attached are the final rule and the official staff
commentary published in the Federal Register.

The revisions, which implement amendments to the Consumer Leasing
Act contained in the Economic Growth and Regulatory Paperwork
Reduction Act of 1996, streamline the advertising disclosures for
consumer lease transactions. In addition, the final rule makes
the disclosure of up-front costs in connection with a specific
lease agreement parallel statutory changes to the advertising
rules disclosing up-front costs, which now include total amounts
due by lease signing or delivery, if delivery occurs later.

For further information, please contact Louise Kotoshirodo,
Review Examiner in the FDIC's Division of Compliance and Consumer
Affairs, on (202) 942-3599.